If income effect works in the direction opposite to that of substitution effect, the good is not:

Question:

If income effect works in the direction opposite to that of substitution effect, the good is not:

A.

Giffen good

B.

Inferior good

C.

Normal good

D.

Superior Good

Answer» c. Normal good

Note: The above multiple-choice question is for all general and Competitive Exams in India

If a positive correlation exists between height and weight, a person with above averageheight is expected to have above average weight

Question:

If a positive correlation exists between height and weight, a person with above averageheight is expected to have above average weight

A.

true

B.

false

C.

insufficient information to draw a conclusion

D.

all of the above

Answer» a. true

Note: The above multiple-choice question is for all general and Competitive Exams in India